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LIBRARY OF CONGRESS 





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50 Feet Higher than Niagara 



TAUGHANNOCK 
FALLS 



The Mecca for Tourists Seeking the Unusual 
Unrivaled for iMajestic, Rugged 'beauty 



TAUGHANXOCK DEVELOPMENjT 
CORPORATION 

ITHACA, N. Y. 



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Announcing the Offering 

of the 

PREFERRED SHARES 

0/ ilie 

TAUGHANNOCK DEVELOPMENT 
CORPORATION 

(A company incorporated under the 
laws of the State of New York) 



William B. VanFleet 

Presiden t 



Ralph L. Chase 

Secretary-Treasurer 



CAPITALIZATION 

Capital Stock $150,000, consisting of 

PREFERRED— 7500 shares— par value $10 each 

COMMON —7500 shares— par value $10 each 

All stock fully paid and non-assessable 



Subject to prior sale and advance in price this issue 

of 

FULLY PARTICIPATING PREFERRED SHARES 

is offered at 

$10 PER SHARE, PAYING A PREFERRED 

DIVIDEND OF 8% ANNUALLY 

PREFERRED AS TO ASSETS AND DIVIDENDS 



MAP SHOWWC THE PROPERTY 
OF THE 

TAUGHANfNOCK DEVELOPMEN T 
CORPORATION 

ITHACA , New York Bo^^zi"'-^ 



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RECEIVED 



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JOHNSON CITV PU 



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View of Cayuga Lake's 40 Mile Expanse from 
Corporation's Property 



Taughannock Development Corporation 

Ithaca, N. Y. 

In connection with our offering the Preferred 
shares of the TAUGHANNOCK DEVELOPMENT 
CORPORATION, we take pleasure in furnishing the 
investing public with the following information: 

HISTORY 

THE TAUGHANNOCK DEVELOPMENT COR- 
PORATION was organized by the present Directors in 
September, 1922. The main offices of the Company 
are maintained at Ithaca, New York, where the busi- 
ness of the Corporation is carried on. At the time 
of organization three considerable parcels of real 
estate were acquired by the Company, which are 
described more fully hereinafter. 

CAPITALIZATION 

The Company's authorized capital is .$150,000, par 
value of shares $10 each, of which 7,500 shares are 
Preferred and 7,500 are Common. The Preferred 
shares are preferred as to assets and guaranteed first 
participation in dividends up to a total of not less 
than 8% a year before the Common shares are to 
receive any dividends and the Common may then 
receive 5% annually. Any earnings above 8% on 
Preferred and 5% on Common to be equally divided 
between Preferred and Common shares. 

The entire amount of Common shares have al- 
ready been subscribed for by the Directors of the Cor- 
poration and approximately 100 shares of the Pre- 
ferred are outstanding at this time. 



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REALTY HOLDINGS OF THE CORPORATION 

The real estate holdings of the Corporation are 
located at Taughannock Falls, Tompkins County, ; 
New York, and consist of approximately 41 acres of ; 
land, the greater part of which is covered with virgin 
pine and hemlock timber. Through the center of the i 
property flows a stream of water which for ages has i 
been wearing its way through rocky formation of the i 
earth, thus forming an immense cavernous gorge of 
an average depth of about four hundred feet. At a 
point approximately in the center of the gorge the 
stream leaps from a massive limestone ledge to take 
an abrupt plunge of 215 feet to the bottom of the 
canyon below. This wonderful cataract known by its 
Indian name "Taughannock" is one of the world's 
highest waterfalls, being 50 feet higher than Niagara 
Falls and as unquestionably surpassing Niagara in 
beauty as it does in height. 

So transcendent is the beauty of Taughannock 
that it is said by many of the uncounted thousands of 
tourists who visit the spot annually, to be not only 
unsurpassed by anything to be found on this conti- 
nent, but to rival anything to be found abroad as well. 

This property is located in one of the most beau- 
tiful and accessable portions of New York State: only 
a few hours drive from the largest centers of popu- 
lation, in a section known as the "Finger Lake Re- 
gion." Lying only ten miles north of Ithaca, the 
home of Cornell University, on the west side of 
Cayuga Lake, it is easily reached by state roads 
which lead to it from almost every direction. 

The real estate described above lies in such a 
manner that it is practically impossible for anyone 
to obtain a view of the falls without coming on the 
property. 

ASSETS 

The Corporation's assets after financing has been 
completed will consist of — 

Buildings and Equipment — Conservatively esti- 
mated at $50,000 

Timber — It is the consensus of opinion among 
those familiar with estimating lumber on the stump 
(uncut trees) that the timber on the property would 
cut at least 25,000 board feet of lumber worth at 
least $25 a thousand feet as it stands or twice this 
amount when cut and sawed. In other words by ultra 
conservative estimate it is worth $6,250 as it now 
stands or $12,500 when ready for market. 

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Looking over the brink of Taughannock, down the gorge 

Land — to arrive at a conservative approximate 
value of the land it is necessary to keep in mind the 
purpose for which the Corporation intends to use it. 

The State Park Commission of New York has 
for some time been interested in acquiring it for 
State Park purposes. With the advent of the pro- 
posed state park bond issue, which is now contem- 
plated, these plans will undoubtedly be carried out. 
Such activities on the part of the State will be of 
great advantage to the Corporation, due to the 
greatly increased number of people who will be at- 
tracted to the spot. 

Due to its unparalleled location as a summer re- 
sort confining as it does every practical avenue of 
approach used by thousands of sightseers who visit 
the great waterfall, no advantageous view of the falls 
being obtainable except from the property owned by 
the Corporation, we feel that we are extremely con- 
servative in estimating its value at $25,000. 

Commercial possibilities of the Waterfall — while 
it is not the object of the Corporation to develop 
the commercial possibilities of the waterfall the Di- 
rectors fully realize its great value from this stand- 
point. In the future this will probably be of greater 
value as the demand for electric power becomes more 
acute. However, this portion of the property and 
the various water rights which go with it were ac- 
quired to protect the Corporation from the pos- 
sibility of it being used for this purpose by other 
interests to the great disadvantage of the Corporation. 
For this reason it is carried on the books at only 
$10,000 at which figure one of the large electric com- 
panies held an option on it for many years. 



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PURPOSE OF CAPITALIZATION 

For a great many years hotels have been success- 
fully operated at Taughannock Falls, each in turn 
having been replaced by a larger and more modern 
structure. 

These hotels proved very profitable for their 
owners, however, the last a large wooden structure 
was destroyed by fire. 

Now with the constantly increasing thousands 
of tourists who visit the spot yearly, there is every 
reason to believe a new and modern hotel will be 
much more profitable than any of the others. 

The Directors have plans completed for a new 
fire proof hotel and summer resort, and in addition 
will build a considerable number of summer cottages 
and bungalows to provide for guests who are stay- 
ing for some time and prefer these accommodations. 
All the cottages will be under regular hotel manage- 
ment, that is they will be cared for by employees ot 
the hotel and the guests will have their meals at the 
main building. This plan has proven very successful 
at other places and the Directors have found they 
may expect larger returns for the same amount ot 
capital invested with this plan than by the usual 
hotel plan. 

Very accurate figures based on contractors' esti- 
mates and covering every possible phase of building 
and equipping, have been compiled. 

To raise the capital necessary to complete the 
above outlined plan of development the Corporation 
is offering 7,500 shares of S% Participating Preferred 
Stock. 

SECURITY OF PRINCIPAL 

Security of principal can be measured in but one 
way, to know that back of each dollar of the share-- 
holders' money is something of equal tangible value.i 
There positively is no other way to compute perfect 
safety. 

The investor in the Preferred shares of thei 
Taughannock Development Corporation has the satis-t 
faction of knowing that as soon as the present plansn 
of financing and building- are completed, every dollam 
of his money is backed by at least a dollar's worth 
of the most tangible asset in the world, real estate. 

CERTAINTY OF INCOME 

The hotel business ranks among the most conserv- 
ative and most profitable enterprise in history. It is 
a business from which large profits have always been 
taken, yet under proper management it will show 
even larger profits today than ever before. 



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Vlagnificent as is this view of the gorge above the falls, 
the scenery below the cataract Is even more rugged 
and inspiring. 

Properly managed and well appointed hotels, 
luipported largely by tourists trade, have within the 
ipast few years become one of the most profitable 
ines of modern business. 

Many hotels profitably conducted along such 
I lines have little in way of location to attract the tour- 
list and must depend largely upon advertising to 
[assure their patronage, and where ever one can be 
found amid unusually attractive surroundings the 
(Possibilities are unlimited. 

The property owned by the Corporation repre- 
sents one of the finest locations of this nature to be 
found anywhere throughout the eastern states. 

During the season of 1922 there were thousands 
upon thousands of tourists on the property who would 
have been glad to patronize a hotel had one been 
in operation here. 

The ideal location and the natural resources of 
the property, together with the low capitalization of 
the company will make it easily possible to pay all 
dividend requirements with reasonable assurance of 
large surplus earnings as well. 

MANAGEMENT 

Fully realizing the importance of proper man- 
agement the Directors are taking every precaution 
in their selection of a capable and successful hotel 
manager. 

The Directors have a man in view for this position 
who has made a wonderful success of hotel manage- 
ment and is at present managing one of the largest 
hotels of Central New York. This man believes that 
there is an opportunity at Taughannock Falls for 
one of the best paying hotels in the country. 



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FUTURE POSSIBILITIES 

The degree of perfect safety based upon the realty 
holdings of the Corporation, which so adequately pro- 
tect the investor in the Preferred shares of the 
Taughannock Development Corporation, is not the 
only unusually attractive feature of this issue. Please 
remember that this issue of Preferred shares not only 
carries with it the usual points of preference of 
Preferred over Common shares but that it fully par- 
ticipates in the earnings of the enterprise as well, 
even to a greater extent than does the Common shares, 
a feature seldom if ever incorporated in Preferred 
shares, when they are backed by tangible assets, 
and a most unusual feature indeed when as in this 
case, the Corporation has as tangible an asset as real 
estate. While we have already, under the heading 
of "Certainty of Income" given some idea of the large 
earning possibilities of this enterprise, it is beyond 
the power of human intelligence to compute just what 
such earnings will be. We feel sure, however, that 
after contemplated improvements on the property are 
completed the surplus earnings will be large enough 
to satisfy the most exacting investor. 

If it were our choice of policy to paint a vivid 
picture of the future value of the property after it 
has been developed to its fullest extent, we could 
safely state that every dollar invested now would, 
within a comparatively short space of time, be worth 
several times as much. However, to conform with the 
plan of conservatism, which is the object of the 
Directors and the watchword of the Corporation, we 
will say that when our plans of development are 
fully carried out the valuation of the property will 
be far greater than the present capitalization. 

In conclusion let us summarize the points which 
make this issue of Preferred shares unusually safe 
and far more remunerative than the ordinary real 
estate first mortgage. 

Preferred as to assets with the Corporation own- 
ing real estate of greater value than the entire issue 
of Preferred shares with a steady increase as the 
business is expanded. 

These Preferred shares are entitled to 8% plus a 
full share of excess profits over dividend requirements. 

Small capitalization, insuring dollar for dollar 
behind every Preferred share. 

Take advantage of this unusual investment op- 
portunity by getting in touch with the Corporation's 
nearest representative. 

Taughannock Development Corporation 
Ithaca, N. Y. 



LIBRftRY OF CONGRESS 



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